Question

Which economic term describes a situation where one company controls all the means of production of a product and can set its own price?

Answer 1

It would be the term "monopoly" that describes a situation where one company controls all the means of production of a product and can set its own price--these are outlawed in the United States. 

Answer 2

Monopoly describes a situation where one company controls all the means of production of a product and can set its own price